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3144 Clark Avenue Long Beach, CA 90808

3 Beds 2 Baths 1,388 sqft Built 1950

$758,000

List Price

$2,710

$2.5K - $3K

Rent Est.

PROPERTY INFO

November 01, 2020 RECENTLY ADDED
FACTS
  • Built In 1950
  • Price/Sqft : $546.11
  • 8 Days on Market
  • MLS # : PW20227133
  • Updated Date : 11/02/2020 at 14:21
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,388 sqft
  • Baths : 2 full
Listing Agent

Re/max College Park Realty

Listing Agent's Description

Fantastic South of Conant Home. 3 Bedrooms, 2 bathrooms. Master Bedroom (18 x 20) with private bathroom and walk in closet. Ceiling fan in each bedroom. Central Air conditioning and forced air heating. Double pane vinyl windows with custom curtains. Remodeled kitchen with granite counter tops. Stainless steel sink with soap dispenser and sprayer handle. Oak cabinets and drawers with Pots and Pan pull outs. Matching appliances: stove, refrigerator (stays), dish washer and microwave. Laundry inside kitchen area. Front load washer and dryer stays. Composition shingle roof only 11 years old. Large back yard with additional space behind the garage. Long Gated driveway with 2 car detached garage. Small deck off back kitchen door, plenty of room for a BBQ and Chairs. Perfect home in a great neighborhood. Won’t last long.

SEE MORE

MARKET HIGHLIGHTS

  • Headquarters to several Fortune 500 companies: Amgen, Farmers Insurance, Walt Disney, Avery Dennison, Activision Blizzard, CBRE Group, Edison International, Molina Healthcare, First American Financial, Pacific Life, Qualcomm and Sempra Energy (Fortune, 2018)
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • The area has major technology nodes of excellence: Los Angeles (Media and entertainment); Pasadena (High-tech engineering, data analytics); Riverside (Agtech, transportation/ distribution); San Diego (Healthcare, biotech, wireless communications); Irvine (Medtech, cyber security); El Segundo (Aerospace and defense IT, space transport) [BCG, 2018]
  • As part of Southern California area, Los Angeles market inherits all the benefits from the area.
  • Los Angeles has been awarded the 2028 Olympics under a funding commitment of $88 billion to upgrade the transportation infrastructure connecting disparate pockets of the metro area. This is expected to produce additional employment in the coming years. (BCG, 2018)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)
  • Southern California produces more technology PhDs per year than any other region in the country and many of the higher educated students stay within Souther California contributing to readily available workforce skills making the area more attractive than Silicon Valley (BCG, 2018)
  • Southern California has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: South of Conant

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $186k856k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: South of Conant

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q216001800200022002400260028003000320034003600Rent in $14493697

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Carver Elementary School Primary Regular 479 18 9
Marshall Middle School Middle Regular 875 34 8
Millikan High School High Magnet 3,753 145 7

Carver Elementary School

  • Education Level: Primary
  • # of students: 479
  • # of teachers: 18
9
GreatSchools Rating

Marshall Middle School

  • Education Level: Middle
  • # of students: 875
  • # of teachers: 34
8
GreatSchools Rating

Millikan High School

  • Education Level: High
  • # of students: 3,753
  • # of teachers: 145
7
GreatSchools Rating
 

$682,200$833,800$758,000

PURCHASE PRICE

$2,439$2,981$2,710

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,710
EXPENSES Loan Payment -$2,797
Property Tax -$804
Property Insurance -$57
Property Management Fees -$133
CASH FLOW
-$1,081

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$758,000

PROJECTED PRICE

$2,710

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 5.4%
Maintenance Year (1-5) 8.00%
Vacancy 5.05%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$20k-$15k-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$206,620

INVESTMENT

$206,620

Down Payment
$189,500
Rehab Estimate
$5,750
Closing Costs
$11,370

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,797

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $189,500
Loan Amount $568,500
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$468

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $2,710

    LIST RENT
  • $2.17

    LIST RENT PER SQFT
  • $2,705

    COMP ESTIMATED VALUE
  • $2.17

    COMP AVG. RENT PER SQFT
Comps Range
$2,710
1$2,7102$2,7503$2,8504$3,0005$3,500
$3,500
RENT COMPS ANALYSIS
  • 3144 Clark Avenue Long Beach, CA 1
    • 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 1950
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,710
    • $2.17
    •  
  • 3016 N Greenbrier Road Long Beach, CA 2
    • 3 beds 2 baths ∙ 1,224 Sqft ∙ Built 1949 3 beds 2 baths ∙ 1,224 Sqft ∙ Built 1949
    property image
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $2.25
    •  
  • 5878 E Pavo Street Long Beach, CA 3
    • 3 beds 1 baths ∙ 1,322 Sqft ∙ Built 1951 3 beds 1 baths ∙ 1,322 Sqft ∙ Built 1951
    property image
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $2.16
    •  
  • 5485 E 27th Street Long Beach, CA 4
    • 3 beds 2 baths ∙ 1,479 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,479 Sqft ∙ Built 1952
    property image
    LEASED 07/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $2.03
    •  
  • 5848 E Rogene Street Long Beach, CA 5
    • 3 beds 2 baths ∙ 1,569 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,569 Sqft ∙ Built 1954
    property image
    LEASED 08/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.23
    •  
PROPERTY LISTING DETAILS
Kenneth Hawkins
Re/max College Park Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20227133
Last Updated: 11/02/2020
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